Trade Ideas: GOLD Nears Key Buy Zone & NZDUSD Bearish Tailed Bar Signal – August 20th, 2020

Trade Ideas: GOLD Nears Key Buy Zone & NZDUSD Bearish Tailed Bar Signal – August 20th, 2020

Note On Charts: It’s imperative you are trading with a broker that offers ‘New York Close Charts‘, (a true 5 day chart that aligns with the true New York Close). Download a demo of our Preferred Broker & Charting Platform HERE.

Chart Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.

Trade Ideas: GOLD Nears Key Buy Zone & NZDUSD Bearish Tailed Bar Signal – August 20th, 2020

NZDUSD (Spot)

Short Term Trend: Neutral

Short Term Key Levels: 0.6160, 0.6215, 0.6390, 0.6510, 0.6580, 0.6670, 0.6785.

Price Action Signals: A large bearish Long Tailed Bar Signal formed below the 0.6670 resistance area yesterday. The bullish Fakey Pattern that triggered a move up earlier in the week has since failed.

Potential Trade Idea: We will consider trading short from the bearish Tailed Bar signal whilst prices remain below 0.6670 resistance area, in anticipation of a move down towards 0.6380.

NOTE – You can trade Spot NZDUSD via the preferred trading platform we use HERE.

GOLD (Spot) 

Short Term Trend: Bullish

Short Term Key Levels: $1560, $1640, $1670, $1790, $1816, $1866, $1905 to $1915, $1980, $2000, $2070

Price Action Signals: Price surged higher from a giant Bullish Tailed Bar signal that formed at the $1866 level last week.

Potential Trade Idea: We will consider trading long after a deeper retracement to around the $1866 to $1905 support area (same idea as last week), and after a price action buy signal on the 4 hour or daily chart timeframe to confirm an entry, in anticipation of a move higher back towards $2000 and then possibly back to $2070 (recent all time high).

NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.

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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.

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